News in Scotland - Monday

With the UK government broke and reduced to privatising the blood supply
and foster care services, there have been calls to further deregulate the
financial sector despite the 2008 financial crisis leading to the UK's economic

Scottish News: News in Scotland - Monday

Thousands of new jobs in Scotland if banks can be free of regulation, claims report

A new report has claimed that thousands of new jobs in Scotland's private sector could be created should government regulation be minimised. The forecast by PricewaterhouseCoopers (PwC) predicts that lighter regulation could create 265,500 jobs across the UK adding £50bn to the economy by 2020 and raising GDP by between 2 - 3 percent. In an interview last week a former US regulator Professor William Black warned that a regulatory 'race to the bottom' led the UK to becoming the "epicentre" of global financial sector fraud costing the world 20 million jobs and ushering in crises and austerity. Mr Black warned that weak regulation meant that it becomes impossible to prosecute financial fraud which creates a 'criminogenic' environment where banking executives and others become fabulously wealthy by exploiting "perverse incentives". So far, no senior banking executive in the UK has been jailed despite evidence of continuing systemic fraud across the sector relating to Libor, ISDAfix, Forex, mis-selling of financial products, derivatives, money-laundering for terrorists etc. Instead, banks have been given taxpayer bailouts and nearly free money from the Bank of England to the tune of hundreds of billions of pounds. Despite these recent scandals Finance Secretary John Swinney described the UK regulatory system as a “sound framework”. Recently, London Mayor Boris Johnson was again cheerleading for 'light touch' regulation which has been viewed as a sign that the financial services sector is lobbying hard to return to the pre-2008 crisis levels of regulation.

Research undertaken on independence as Scots need more information

Research projects assessing the effects of independence have been undertaken which will help Scots obtain more crucial information ahead of the referendum next September. The Economic and Social Research Council (ESRC) has appointed seven one-year fellowships tasked with looking into different areas of Scottish independence and is about to commission a further two. The move comes as a survey commissioned by the pro-independence group Yes Scotland found that only 46 percent of respondents feel they know enough about independence and the referendum ahead of the crucial vote. The survey found that of those who feel well informed the race between the 'yes' and 'no' camps is almost equal with 46 and 47 percent respectively. The findings also showed that a full 88 percent of respondents intended to vote in the referendum.


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(International news on currency union to inform the Scottish referendum debate)

Portugal: Political crisis averted

The president of Portugal has accepted a compromised deal concluded by the nation's under pressure coalition government which averts the collapse of the government. President Silva described the deal which allows the current government to stay in office and meet its international bailout target as "the best alternative". The nation has been under pressure from the 'troika' - European Central Bank, European Commission and IMF to continue its austerity programme. Portugal is a member of the euro currency union.


UK crisis: Children becoming insecure and isolated

Children in Britain are suffering from a drop in well-being owing to the UK's economic decline resulting in millions of young Britons feeling insecure and isolated, warns a new report. According to survey findings by the Children's Society 10 percent of British children now have a low sense of well-being. Children with low life satisfaction, according to the report, were eight times more likely to report conflict within their family; almost five times more likely to report having been recently bullied; and three times more likely to report not have enough friends.

Former MI6 chief threatens to expose Iraq 'dodgy dossier' secrets

Sir Richard Dearlove, former head of MI6, has threatened to disclose details relating to the 'dodgy dossier' should he take issue with the findings of the Chilcot Inquiry into the UK's role in the Iraq War. Tony Blair's government is alleged to have 'sexed-up' intelligence provided by Dearlove relating to Saddam Hussein's Weapons of Mass Destruction (WMDs) programme which was used to justify invasion yet transpired not to exist after the invasion. Mr Dearlove is believed to remain discontented that his intelligence was allegedly twisted into a justification for the Iraq invasion.

UK crisis: UK drugmaker admits executives appear to have broken bribery law in China

British pharmaceutical giant GlaxoSmithKline (GSK) warned today (Monday) that a number of its executives in China may have acted illegally in a major bribery scandal where the British firm appear to have been caught in a bribery racket. The drugs firm claims that new changes to its operations would mean lower medicine prices in China. Chinese police last week accused GSK of bribing doctors and officials in order to boost sales and margins on medicines inside China. The firm allegedly gave 3bn yuan (£319mn) to 700 travel agencies and consultancies over a period of six years. Several top GSK executives, including its British finance director have been detained by police. A British consultant, Peter Humphrey, who runs a consultancy firm which specialises in accounting fraud investigations in China and who has allegedly worked with GSK, has also been arrested as part of the investigation.

Bankruptcy in Detroit: We "won't be the last", warns mayor

Detroit Mayor Dave Bing has warned that 100 urban US cities "are having the same problems we're having." he said speaking of his city's filing for bankruptcy. According the the Wall Street Journal Bing warned of the bankruptcy: "We may be one of the first. We are the largest. But we absolutely will not be the last." Asked if he will seek a Bailout from the Obama Administration he responded "not yet". A federal bailout would be at the expense of all other states in the US and fears are that it could lead to 'contagion'. Despite the bankruptcy filing, Moody's improved the US's economic outlook to positive.

Syria's deputy PM in talks with Russia

At talks between Russia and Syria, Russian Foreign Minister Sergei Lavrov, today (Monday) issued a call for both sides of the conflict to collaborate in order to drive out all "terrorists and extremists" from Syria, it is reported. Western-backed opposition forces are supported by al-Qaeda and mercenaries from US ally Qatar and new divisions within the opposition threatens to spill into open conflict. Speaking of the willingness to expel such forces, Lavrov is reported as saying: "To our regret, unlike the government of Syria, a significant part of the opposition, including the National Council, has not expressed such readiness yet."


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published this page in News 2013-07-22 12:17:55 +0100